The computer vision market is expected to grow at a 19.5% annual rate by 2023, reaching $100.4Bn in value. Visual Foundation Models (VFMs) are driving this growth, offering accuracy, speed, and efficiency in various CV tasks such as image generation, object detection, and text-to-image generation. VFMs excel with self-supervision techniques, allowing for quick adaptation to specific use cases without high data annotation costs. They incorporate components of large language models to enable image generation using text-based input prompts. Notable examples include Stable Diffusion, Florence, Pix-2-Pix, DALL-E, and SAM. Evolution from CNNs to Transformers has enabled VFMs to understand longer texts better and provide enhanced speed and accuracy. The Vision Transformer (ViT) architecture is used in many VFMs, including SAM, SegGPT, and Visual ChatGPT. These models have various applications across industries such as healthcare, cybersecurity, automotive, retail, and manufacturing. Fine-tuning VFMs offers significant economic benefits by shortening product development cycles, improving user experience, and reducing costs. However, practitioners may face challenges in addressing ethical, fairness, and bias-related concerns, safeguarding privacy and data security, managing costs, and fine-tuning models. Emerging trends include architectural advancements, robustness and interpretability, multimodal integration, synergies with other AI domains, and a step towards achieving artificial general intelligence (AGI).